Answer:A
Explanation:
A p e x
Answer:
A. One to two sentences
Explanation:
You dont want whomever is reading your resume to think that you are full of yourself.
What is the present value of 4360 to be received at the beginning of each of 30 periods discounted at 5% compound interest
Answer:
The right solution is "70375.08".
Explanation:
Given that,
Present value,
= 4360
Interest rate,
= 5%
Time period,
= 30
Now,
The present value of inflows will be:
= [tex](1+rate)\times \frac{Present \ value[1-(1+Interest \ rate)^{-time \ period}]}{rate}[/tex]
= [tex]1.05\times 4360\times \frac{[1-(1.05)^{-30}]}{0.05}[/tex]
= [tex]4360\times 16.1410736[/tex]
= [tex]70375.08[/tex]
Identify the statement below that is true regarding the Allowance for Doubtful Accounts account. Multiple Choice The account has a normal credit balance and is reported on the balance sheet. The account has a normal debit balance and is reported on the balance sheet. The account has a normal credit balance and is reported on the income statement. The account has a normal debit balance and is reported on the income statement.
Answer: The account has a normal credit balance and is reported on the balance sheet.
Explanation:
The allowance for doubtful accounts refers to the amount of account receivable that the company believes will not be paid by the customers. It is referred to as the bad debt reserve as well.
The allowance for doubtful accounts reduces the accounts receivable. It also has a normal credit balance and is reported on the balance sheet.
Based on the above financial statements, calculate the following ratios for 2021: income statement Sales 480,000 cost of goods sold 243,200 salaries expense 55,200 depreciation expense 24,000 interest expense 4,500 rent expense 36,000 gain on equipment 0 loss on equipment disposal 1,400 364,300 net income 115,700 Statement of Retained Earnings Beginning Balance - Retained Earnings $ 36,300 Plus - Net Income 115,700 Less - Dividends (18,000) Ending Balance - Retained Earnings $ 134,000 Balance sheets 2020 2021 change Assets: Cash 27,500 72,600 45,100 Accounts Receivable 32,600 47,600 15,000 Inventory 48,000 54,800 6,800 prepaid expenses 7,200 5,200 (2,000) Equipment 56,000 77,000 21,000 Accum. Depr - Equipment (26,500) (32,500) (6,000) total assets 144,800 224,700 Liabilities: Accounts Payable 12,700 25,700 13,000 accrued Liabilities 3,800 5,000 1,200 Bonds Payable 72,000 40,000 (32,000) total liabilities 88,500 70,700 shareholders Equity: Common Stock 20,000 20,000 0 Retained Earnings 36,300 134,000 97,700 total equity 56,300 154,000 total liabilities and shareholder equity 144,800 224,700 A. Current Ratio B. Gross Profit Percentage C. Debt Ratio D. Debt to Equity Ratio
Answer:
A. Current Ratio = 5.87
B. Gross Profit Percentage = 49.33%
C. Debt Ratio = 0.31
D. Debt to Equity Ratio = 0.46
Explanation:
The ratios can be calculated for 2021 as follows:
A. Current Ratio
Current ratio = Current assets / Current liabilities ………………… (1)
Where:
Current assets = Current assets in 2021 = Cash in 2021 + Accounts Receivable in 2021 + Inventory in 2021 + Prepaid expenses in 2021 = $72,600 + $47,600 + 54,800 + $5,200 = $180,200
Current liabilities = Current liabilities in 2021 = Accounts Payable in 2021 + accrued Liabilities in 2021 = $25,700 + $5,000 = $30,700
Substituting the values into equation (1), we have:
Current ratio = 180,200 / 30,700 = 5.87
B. Gross Profit Percentage
Gross Profit Percentage = (Gross profit / Sales) * 100 ………………….. (2)
Where:
Gross profit = Sales – Cost of goods sold = $480,000 - $243,200 = $236,800
Sales = $480,000
Substituting the values into equation (2), we have:
Gross Profit Percentage = ($236,800 / $480,000) * 100 = 49.33%
C. Debt Ratio
Debt ratio = Total debts / Total assets …………………………….. (3)
Where:
Total debts = Total liabilities in 2021 = $70,700
Total assets = total assets in 2021 = $224,700
Substituting the values into equation (3), we have:
Debt ratio = $70,700 / $224,700 = 0.31
D. Debt to Equity Ratio
Debt to Equity Ratio = Total debts / Total equity …………………………….. (4)
Total debts = Total liabilities in 2021 = $70,700
Total equity = total equity in 2021 = $154,000
Substituting the values into equation (4), we have:
Debt to Equity Ratio = $70,700 / $154,000 = 0.46
ABC Company rents its extra office space to XYZ Company for $600 per month. On November 1, 2020, ABC Company received $3,600 rent in advance from XYZ Company for the months of November 2020, December 2020, January 2021, February 2021, March 2021, and April 2021. The adjusting entry on December 31, 2020 (the end of the fiscal year) would include:
Answer:
Debit : Rent Paid in Advance $1,200
Credit : Rent Income $1,200
Explanation:
The adjusting entry on December 31, 2020 would include:
Debit : Rent Paid in Advance $1,200
Credit : Rent Income $1,200